” Kasikornbank (KBank), one of Thailand’s foremost banks, has made a strategic move into the digital currency market by acquiring a 97% stake in Satang Corporation, an influential player in the Thai cryptocurrency sector. The acquisition, worth $103 million, was executed through Unita Capital, KBank’s subsidiary that focuses on digital asset investments.
This move aligns closely with KBank’s broader tech-forward strategy. Just months earlier, in September 2023, the bank launched a $100 million fund aimed at Web3, fintech, and AI innovations—building on its long-standing commitment to digital transformation, including a 2016 collaboration with IBM.
KBank’s aggressive crypto play comes in contrast to rival Siam Commercial Bank (SCB), which recently scrapped its acquisition of Bitkub over regulatory hurdles. KBank’s successful Satang buyout underscores the continued appetite among legacy banks for a foothold in the fast-growing crypto market. “
The above information has been extracted and consolidated from several articles below :